Mahindra & Mahindra Financial Services Limited (NSEI:M&MFIN) signed an agreement to acquire an unknown stake in Ideal Finance Limited from Ideal Group of Companies on August 20, 2019. Mahindra & Mahindra Financial Services will acquire 58.2% stake in Ideal Finance for LKR 2 billion through acquisition and share subscription in Ideal Finance. In a related transaction, Mahindra & Mahindra Financial Services signed a subscription agreement to acquire an unknown stake in Ideal Finance Limited on August 20, 2019. On completion of both transactions, Ideal Finance will become a subsidiary of Mahindra & Mahindra Financial Services. Ideal Finance had turnover of LKR 777.46 million in the year ending March 31, 2019. During the current quarter ended March 31, 2020, Mahindra & Mahindra had remitted an amount of LKR 1.1 billion to Ideal Finance towards acquisition of 38.2% of the equity share capital under first and second tranches as prescribed in these agreements. Mahindra & Mahindra Financial Services acquired 38.2% stake on February 28, 2020. Transaction is expected to close until March 2021. As of May 10, 2021 Mahindra & Mahindra Financial Services Limited executed Share Subscription, Share Purchase and Shareholders' Agreement with Ideal Finance Limited and its existing shareholders to extend the date of investment of the third and final tranche for acquisition of shares of Ideal Finance from its existing shareholders up to September 30, 2021, subject to necessary regulatory approvals. Mahindra & Mahindra Financial Services Limited (NSEI:M&MFIN) acquired 20% stake in Ideal Finance Ltd. from its existing shareholders. on July 8, 2021. Consequently, the company's stake in Ideal Finance has risen to 58.20% from 38.20%.